A wetsuit is a garment worn by surfers, canoeists, and others engaged in water sports and activities carried out under water or on water. Wetsuits are usually made of foamed neoprene bubbles, which provide thermal insulation, abrasion resistance, and buoyancy. Insulation properties depend on bubbles of gas bounded in the material, which helps to reduce the thermal conductivity of the wetsuits. Wetsuits are primarily used for thermal insulation when the user is submerged in water since the water may be too cold and uncomfortable for the user’s body.
The wetsuit market is driven by the increase in water sports and recreational activities. People with higher disposable income are likely to invest in premium quality sports goods. New innovations in wetsuits and the advancement in technology significantly impact the market, thereby boosting the demand for different types of wetsuits. Manufacturers are striving to launch new product lines made up of using advanced technology and high quality fabrics. Growth in participation of women in water sports is also anticipated to boost the demand for wetsuits. Novel technologies in artificial waves and wave parks are estimated to propel the surfing and aligned industry. However, dry suits offer many benefits. They are safer than wetsuits. They also provide warmth, versatility, and are lower in weight. This can restrain the wetsuit market.
Based on application, the wetsuits market can be segmented into surfing, underwater diving, sailing, river rafting, white water kayaking, sea rescue operations, endurance swimming, and water skiing. Wetsuits are primarily sued in water sports, as the suit must be lightweight to provide comfort to the user who is under water. Waterproof clothes with properties such as thermal padding and breathability are required in water sports.
Based on sports, the wetsuit market can be bifurcated into water sports and wind sports. Wetsuits are used by deep-sea divers, windsurfers, canoeists, surfers, triathletes, and others who are involved in water and wind-related sports activities. Wetsuits provide excellent comfort and flexibility to users.
In terms of geography, the wetsuits market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to dominate the wetsuits market in terms of consumption during the forecast period. Asia Pacific is also expected to be a key region of the wetsuits market due to the increase in popularity of water sports and wind-based sports and related activities in the region. Furthermore, India and China are estimated to offer lucrative opportunities for manufacturers of wetsuits due to the presence of favorable government initiatives encouraging water sports.
Key players operating in the wetsuits market are O'Neill, Inc., Quiksilver Inc., Billabong International Limited, Aqua Lung, Gullewa Limited, Shieco Group. Co., Ltd, and Patagonia Capital Ltd.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.